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Understanding the Different Credit Scores

Credit Scores are somewhat confusing because the credit bureaus sell FICO credit scores under different names Equifax FICO Score is called BEACON? Score, Experian FICO score is called Experian/Fair Isaac Risk Model and TransUnion Fico Score is called EMPIRICA?. However, the bureaus also sell their own, very different credit scores. For example, Experian has a scoring product called the PLUS score which is different than a FICO score. To confuse things even more, the three credit-reporting companies also jointly introduced another credit score, called VantageScore to compete with FICO's score. VantageScore is an attempt to create a standardized credit-scoring model, independent of Fair Isaac's

Your credit report drives all the numbers in your credit scores, so improving your credit report will make all your credit scores go up.

FICO Score

A FICO score is one type of credit score. Any credit score obtained using the Fair Isaac formula is called a FICO score. FICO scores are the credit scores most lenders use to determine your credit risk. FICO scores range from 300 to 850.The higher your score, the more likely you are to be seen by creditors as a good risk. The score that a lender will accept depends on the type of loan you're applying for.

Consumers can only get true FICO scores in the following places

Experian does not sell its FICO scores to consumers any longer, it is sold to lenders only.

Other Credit Scores

You can get a general picture of whether you have good credit or bad credit from any of the credit scores below. Keep in mind, these scores will be different than your FICO scores and different from each other.

Experian Score PLUS

In 2009, Experian pulled out of its agreement with Fair Isaac and stop providing a FICO score to its customers. Experian offers a Score PLUS which has a score range from 330 to 830.

VantageScore

VantageScore was jointly developed in 2006 by TransUnion, Experian, and Equifax as an alternative of the FICO score, to make credit scores easier to understand. Although the three credit bureaus can now generate scores using the same credit scoring model, you may see differences in the actual scores because each bureau maintains its own consumer credit files, which may vary.

VantageScore ranges from 501 to 990, and the score is divided into five grades, from "A" to "F" with "A" being the best. VantageScore is available from TransUnion and Experian.

901 - 990: A
801 - 900: B
701 - 800: C
601 - 700: D
501 - 600: F

TransUnion TransRisk Score

TransRisk is a consumer credit score that's developed by TransUnion, one of the three credit bureaus. TransRisk score simulates FICO score, but it isn't a FICO score. The score has a range from 300 to 850, the same as the range of the FICO score. You can get TransRisk score for free from Credit Karma.

It is important to know what your score is and the steps you can take to improve it. Uncover proven tips to improve your credit score within 60 days with The Complete System to Repair Your Credit and Boost Your Credit Score. Download Today!